Malaysian share prices closed flat on Tuesday, as investors waited for signs from Wall Street after a three-day weekend in the United States came to an end, dealers said. They said shares in property developers were higher, however, on expectations that Malaysia's 2008 national budget, due to be released Friday, would contain good news for the sector.
The Kuala Lumpur Composite Index rose 0.39 points to 1,283.75. Losers led gainers 464 to 372 with 253 stocks unchanged on turnover of 1.11 billion shares valued at 1.65 billion ringgit (471 million dollars).
"The market experienced a fair bit of selling and profit-taking after Monday's gain, reflecting the current cautious undertone," TA Securities analyst Stephen Soo said. Buying may pick up later in the week, Soo said, when Malaysian Prime Minister Abdullah Ahmad Badawi presents the 2008 budget to the parliament. Property stocks led the gainers, with SP Setia, one of the largest developers in the country, jumping 0.35 to 7.95 ringgit.
Sunrise, which builds luxurious residential and commercial buildings, rose 0.10 to 3.54 ringgit while IOI Properties, the property arm of IOI Corp, gained 0.10 to 14.20 ringgit. Among heavyweights, state-run Telekom Malaysia fell 0.05 to 9.75, Malaysia's largest bank Maybank gained 0.10 to 11.80 while Tenaga held steady at 10.30.